WEC Group has launched an employee benefits loan scheme for its 425 employees.
The engineering service provider has partnered with the Jubilee Tower Credit Union to create the employee benefit loan scheme.
The partnership gives employees an alternative way to borrow money, and the chance to switch current high-interest loans and cut debt.
Alongside their repayments, employees are also required to make a minimum savings payment of £2 a week or £10 a month.
In the first two weeks since the scheme’s launch, 40 employees have signed up to participate.
Wayne Wild, commerce director at WEC Group, said: “One of the biggest challenges facing everyone at this time is debt, so I began doing some research and came up with the idea that we, as a company, could lend our employees money.
”We think it will have real benefits for WEC workers, especially those who have worked here for a long time.”